BestEx Research Launches Curator, a Dark Algorithm Designed to Move Beyond Aggregation and Systematically Address the Cost Gaps of Dark Execution
Curator applies a layered, venue-specific framework to protect execution quality against drivers of cost, both measurable and invisible, in an increasingly complex dark landscape
STAMFORD, Conn., April 7, 2026 /PRNewswire/ -- BestEx Research Group LLC, an independent provider of high-performance algorithmic execution and measurement solutions for institutions trading equities and futures, today announced the launch of Curator, a dark execution algorithm designed to improve execution quality by applying a research-backed, systematic approach to filtering toxic interactions in alternative trading systems (ATSs).
As off-exchange trading volumes have surged, so has the complexity and toxicity of the ATS landscape. While most execution algorithms are engineered to access the broadest set of dark venues, it is critical to optimize the terms on which they engage them as well. The order types, segmentation options, and default settings that govern each ATS interaction vary significantly across venues and, without rigorous, venue-specific analysis, this can expose traders to information leakage and adverse selection that erode execution quality. For some common behaviors, the cost of that exposure is measurable, but for others it is entirely unknown to the trader.
Curator was developed to address these challenges directly, curating liquidity based on market structure expertise and model-based intelligence. The algorithm applies settings derived from deep study of ATS-N filings, employs data-driven segmentation selection to determine where counterparty filtering is beneficial, balances and optimizes taking and providing behavior based on each tactic's structural exposure to adverse selection, and can deploy real-time signals to identify optimal conditions for engagement. For conditional orders, Curator applies proprietary order placement methodology to limit information leaked by each interaction—whether executed and faded—while maximizing hit rate simultaneously. Each of these capabilities is calibrated to client urgency and applied on a venue-by-venue basis, reflecting BestEx Research's finding that no single approach is effective across all venues and conditions.
"Most algorithms can reach most ATSs, but few are built to optimize how exactly they use them. Curator is an expression of what we believe algorithmic execution should be—grounded in rigorous research to uncover and correct what is actually costing our clients in their execution," said Hitesh Mittal, Founder and CEO of BestEx Research. "Our ambition is to bring this level of rigor to every dimension of execution, and Curator represents that commitment applied to one of the most complex and consequential areas of market structure."
Clients can access BestEx Research's complete research-backed dark liquidity playbook, detailing the market structure analysis and quantitative framework detailed above that underlies Curator's design.
For more information about BestEx Research's high-performance, multi-asset execution algorithms, visit bestexresearch.com.
About BestEx Research
BestEx Research Group LLC is a provider of sophisticated execution algorithms for equities and global futures aimed at reducing trading costs for buy-side managers. The firm's cloud-based Algorithm Management System (AMS) combines its execution algorithms with a user-friendly dashboard, transaction cost analysis, customization, and automation in the industry's first multi-asset, independent algorithmic execution platform. BestEx Research also offers sell-side firms a seamless, customizable trading solution for their clients with no coding required. For more information on BestEx Research's mission and products, or to request a product demo, visit www.bestexresearch.com.
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Mohit Shah
SOURCE BestEx Research
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